The board of directors of The PNC Financial Services Group, Inc. (NYSE: PNC) declared a quarterly cash dividend on the common stock of $1.60 per share. The dividend will be payable May 5, 2025, to shareholders of record at the close of business April 16, 2025.

The board also declared a cash dividend on the following series of preferred stocks:

Series B: a quarterly dividend of 45 cents per share will be payable June 10, 2025, to shareholders of record at the close of business May 16, 2025.
Series S: a semi-annual dividend of $2,500.00 per share ($25.00 per each depositary share, 100 of which represent one share of Series S preferred stock) will be payable May 1, 2025, to shareholders of record at the close of business April 16, 2025.
Series T: a quarterly dividend of $850.00 per share ($8.50 per each depositary share, 100 of which represent one share of Series T preferred stock) with a payment date of June 15, 2025, will be payable the next business day to shareholders of record at the close of business May 30, 2025.
Series U: a quarterly dividend of $1,500.00 per share ($15.00 per each depositary share, 100 of which represent one share of Series U preferred stock) will be payable May 15, 2025, to shareholders of record at the close of business April 30, 2025.
Series V: a quarterly dividend of $1,550.00 per share ($15.50 per each depositary share, 100 of which represent one share of Series V preferred stock) with a payment date of June 15, 2025, will be payable the next business day to shareholders of record at the close of business May 30, 2025.
Series W: a quarterly dividend of $1,562.50 per share ($15.6250 per each depositary share, 100 of which represent one share of Series W preferred stock) with a payment date of June 15, 2025, will be payable the next business day to shareholders of record at the close of business May 30, 2025.

PNC Financial Services Adopts Executive Severance Plan

On March 21, 2025, the Human Resources Committee of The PNC Financial Services Group, Inc. approved a new Executive Severance Plan designed to provide standardized severance benefits to certain executives, including all currently serving named executive officers (NEOs), in the event of specified terminations of employment unrelated to a change in control.

Under the plan, eligible executives involuntarily terminated without cause or who resign for good reason will receive:

- Continued base salary payments for 52 weeks
- A prorated annual cash incentive at target for the termination year
- Continued vesting of outstanding annual equity awards granted before February 1, 2025 (if not otherwise retirement-eligible)
- A 70% contribution toward COBRA premiums for 52 weeks
- Talent transition benefits

Executives must sign a participation notice and provide 60 days’ notice before resigning to receive benefits. The plan does not replace existing change-in-control agreements.

The full Executive Severance Plan is filed as Exhibit 10.1 to PNC’s Form 8-K submitted to the SEC.

PNC’s latest survey of small and mid-sized business owners indicates sustained optimism about their businesses and the economy. Seventy-eight percent of business owners are optimistic about their own business prospects, near the survey’s all-time high. Half of respondents are optimistic about the national economy, slightly below last fall’s 56%, while 56% feel positive about their local economy, down from 62% six months ago.

Higher revenue businesses are more likely to express optimism and expect increased sales and profits. Demand from consumers and businesses continues to drive revenue growth, with the economy projected to expand into 2026. Manufacturing and construction businesses are among the most likely to anticipate sales increases, while service sector businesses are the least likely.

Inflation remains a major concern, with 43% of respondents extremely worried, more than double the level from last spring. Fifty-three percent plan to raise prices in the next six months, down from 61% last fall. Hiring expectations remain low, with only 15% planning to add full-time employees, compared to 21% a year ago. Inventory growth expectations are at a survey high of 42%, while 26% anticipate lower cash reserves next year, a sharp increase from 7% a year ago.

The PNC Financial Services Group, Inc. announced changes to its restricted share unit (RSU) and performance share unit (PSU) awards for Section 16 officers under its 2016 Incentive Award Plan. Effective February 14, 2025, these awards will continue to vest and be paid out under the original terms even if the recipient experiences a qualifying termination without cause or for good reason, provided they comply with award conditions. The awards will follow the same vesting and performance conditions as if the recipient had remained employed for the full performance or service period.

On January 23, 2025, The PNC Financial Services Group, Inc. (“PNC”) issued a press release announcing that Michael P. Lyons, President of PNC, resigned from PNC effective January 23, 2025, to pursue a position at another company.

The PNC Financial Services Group, Inc. reported a net income of $6.0 billion for 2024, equivalent to $13.74 diluted earnings per share (EPS). This represents a significant achievement, with fourth-quarter net income reaching $1.6 billion, or $3.77 diluted EPS. The company saw growth in net interest income (NII) and net interest margin (NIM), alongside an increase in deposits and a strengthened capital position. For the full year, total revenue amounted to $21.6 billion, reflecting steady performance compared to $21.5 billion in 2023.

Fourth-quarter highlights included a 3% growth in NII to $3.5 billion and an 11 basis point increase in NIM to 2.75%. Noninterest income for the quarter was $2.0 billion, a slight increase from the prior quarter. However, fee income declined by 4%, influenced by elevated third-quarter residential mortgage and capital markets activity. Total noninterest expense rose by 5% due to asset impairments and other operational factors, offset partially by a reduction in FDIC special assessments.

PNC maintained a strong balance sheet with stable average loans and a $3.1 billion increase in deposits during the fourth quarter. Net loan charge-offs were $250 million, representing 0.31% annualized of average loans. Credit quality improved, with a reduction in nonperforming loans to $2.3 billion and a slight decrease in the allowance for credit losses to $5.2 billion.

Capital ratios remained robust, with the Common Equity Tier 1 (CET1) ratio estimated at 10.5% as of December 31, 2024. The company returned $0.9 billion to shareholders in the fourth quarter, including dividends and share repurchases. PNC also announced a quarterly cash dividend of $1.60 per share, payable on February 5, 2025.

Looking ahead, PNC plans to leverage its strong position to drive further growth and operational efficiency while continuing to focus on customer engagement and capital returns to shareholders.